What Is a Credit Card?
There are two credit card groups : consumer credit cards and business credit cards. Most cards are plastic, but some are metal cards (stainless steel, gold, palladium, titanium) and a few gemstone-encrusted metal cards.
How credit cards work
Common credit card terms
Credit cards come with dozens of terms that determine what fees you can incur from using your card. Here are the most common terms:
Balance transfer APR: The interest rate for balance transfers, which may be equal to or greater than the purchase APR.
Balance transfer fee: Transferring debt from one card to another may cost you 3% to 5% per transfer.
Cash advance APR: The interest rate you incur if you take out a cash advance, which is often one of the highest APRs you can be charged.
Cash advance fee: The fee you’re charged for each cash advance, usually 5%.
Foreign transaction fee: Purchases made outside the U.S. may incur a fee per transaction, usually 3%.
Late payment fee: When you pay your credit card bill late, you may incur a fee up to $40.
Minimum payment: The smallest amount of money you have to pay each month to keep your account current. (Learn how making only minimum payments on credit card debt could cost you thousands and take over a decade to repay.)
Penalty annual percentage rate (APR): When you pay late, card issuers may penalize you with an interest rate that’s higher than your regular APR.
Purchase APR: The interest rate you incur for new purchases that aren’t paid in full every billing cycle.
different kinds of credit cards
Every rupee you spend with an air miles card will offer air mile points to your card account. Upon accumulating the air mile points, you can redeem them for free flight tickets or other goodies available on the redemption catalogue.
How To Use Your Credit Card Right:
Benefits Of Credit Card
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Eligibility For Credit Cards
documents required for Credit Card
Address Proof - Aadhar card , Passport , Voter ID card , Driving License , Ration card , Lease/Rent agreement , Property Documents , Utility Bills .
Income Proof - Salary Slip ( last 3 months ), Bank Statement ( last 3 months ), ITR, etc...
How to apply for a credit card
Compare offers - Do your research to find out which card is best for you, paying special attention to annual fees and interest rates. We recommend starting with this list of the best credit cards available now. Make sure to pay attention to ongoing rewards as well as any sign-up bonus offered to new cardholders.
Fill out an online application - Once you've made your selection, look for an "Apply Now" button on the site, and it should take you directly to an application. Questions may differ slightly, but be prepared to provide a combination of biographical and financial info including your name, address, and Social Security number, as well as annual income, monthly expenses, and the balance in your existing bank accounts.
Submit your application - Once you've submitted your application, it's time to sit back and wait for a decision. Some issuers are faster than others, but typically you should hear back one way or another within 10 to 14 business days.
Receive your card - If you're approved, you should receive your new credit card within another 10 to 14 business days, although it's often possible to expedite delivery for certain extenuating circumstances. From there, you'll need to activate your card, and then you're free to start making purchases.
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